USDA Boxed Beef Cutout Closing Prices for November 21

November 21 (Bloomberg) -- This table details boxed beef cutout prices supplied daily by the U.S. Department of Agriculture. Prices and loads traded are as of 3:00 p.m. U.S. central time.

Prices are determined from cuts in dollars a hundredweight and vary between higher-quality choice cuts and select beef cuts for sale f.o.b. Omaha, Nebraska.

CHOICE SELECT

600-900 600-900 ------------------------------------------------------------------------------- Current Cutout Values: 194.89 174.37 Change from prior day: 0.61 0.53 ------------------------------------------------------------------------------- Choice/Select spread: 20.52

Total Load Count (Cuts, Trimmings, Grids): 183 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 322.77 245.17 Primal Chuck 159.22 156.08 Primal Round 164.74 162.66 Primal Loin 262.45 213.06 Primal Brisket 135.51 134.70 Primal Short Plate 124.73 128.69 Primal Flank 91.72 87.91 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 11/20 92 83 14 57 245 194.28 173.84 11/19 88 94 31 23 237 194.17 172.97 11/16 87 69 18 33 207 193.02 173.08 11/15 74 64 10 47 194 192.93 173.13 11/14 104 92 4 40 240 193.22 174.30 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 193.53 173.46 -------------------------------------------------------------------------------- NATIONAL BOXED BEEF CUTS - NEGOTIATED SALES FOB Plant basis negotiated sales for delivery within 0-21 day period. Prior days sales after 1:30pm are included.

CURRENT VOLUME - (one load equals 40,000 pounds)

Choice Cuts 79.45 loads 3,177,885 pounds Select Cuts 73.49 loads 2,939,440 pounds Trimmings 0.00 loads 0 pounds Ground Beef 30.05 load 1,201,860 pounds ------------------------------------------------------------------------------- Choice Cuts, Fat Limitations 1-6 (IM) = Individual Muscle IMPS/FL Sub-Primal # of Total Price Weighted

rades Pounds Range Average ------------------------------------------------------------------------------- 109E 1 Rib, ribeye, lip-on, bn-in 26 76,011 680.00 770.00 689.74 112A 3 Rib, ribeye, bnls, light 10 10,784 746.00 810.00 764.54 112A 3 Rib, ribeye, bnls, heavy 79 65,571 706.00 806.00 746.14 113C 1 Chuck, semi-bnls, neck/off 10 22,134 205.50 235.00 210.50 114 1 Chuck, shoulder clod 17 52,476 192.00 212.24 204.91 114A 3 Chuck, shoulder clod, trmd 59 132,406 198.00 231.00 215.94 114D 3 Chuck, clod, top blade 7 6,118 270.00 287.50 281.05 114E 3 Chuck, clod, arm roast 13 29,751 249.50 273.70 261.32 114F 5 Chuck, clod tender (IM) 6 5,912 289.00 292.50 290.11 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 130 201,121 225.00 251.00 236.46 116B 1 Chuck, chuck tender (IM) 46 68,678 208.00 230.00 224.55

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 90 204,272 197.40 231.07 207.33 120A 3 Brisket, point/off, bnls 11 7,064 346.50 374.50 361.06 123A 3 Short Plate, short rib 40 35,768 315.00 355.00 338.47 130 4 Chuck, short rib 61 54,036 236.62 280.00 262.95 160 1 Round, bone-in 5 27,265 195.00 226.00 203.41 161 1 Round, boneless 4 27,604 205.00 224.00 205.71

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 86 145,190 213.00 236.00 221.88 168 1 Round, top inside round 79 272,038 199.50 218.00 210.69 168 3 Round, top inside round 27 207,784 216.43 242.00 222.56 169 5 Round, top inside, denuded 22 76,079 245.00 285.00 250.58

3 Round, top inside, side off 170 1 Round, bottom gooseneck 11 7,115 190.00 213.50 205.51 171B 3 Round, outside round 56 212,199 207.34 233.50 214.98 171C 3 Round, eye of round (IM) 78 132,107 222.81 266.00 237.71 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 31 41,307 498.95 541.20 508.67 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 13 18,542 445.00 481.00 451.78 180 3 Loin, strip, bnls, 0x1 90 258,996 485.00 536.00 505.21 184 1 Loin, top butt, bnls, heavy 18 10,965 307.00 326.00 320.51 184 3 Loin, top butt, boneless 57 92,763 305.00 335.00 313.65 185A 4 Loin, bottom sirloin, flap 52 91,221 344.24 376.00 359.37 185B 1 Loin, ball-tip, bnls, heavy 39 96,279 220.00 246.00 233.57 185C 1 Loin, sirloin, tri-tip (IM) 19 43,674 250.00 280.00 264.91 185D 4 Loin, tri-tip, pld (IM) 24 21,729 350.00 376.00 358.32 189A 4 Loin, tndrloin, trmd, heavy 82 107,985 1139.00 1291.00 1190.40 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 20 34,534 327.50 370.00 354.39 ------------------------------------------------------------------------------- Select Cuts, Fat Limitations 1-6 (IM) = Individual Muscle IMPS/FL Sub-Primal # of Total Price Weighted

Trades Pounds Range Average ------------------------------------------------------------------------------- 109E 1 Rib, ribeye, lip-on, bn-in 15 50,658 458.50 530.00 475.96 112A 3 Rib, ribeye, bnls, light 19 74,211 468.00 576.04 507.70 112A 3 Rib, ribeye, bnls, heavy 24 54,914 479.91 560.00 516.32 113C 1 Chuck, semi-bnls, neck/off 13 23,420 195.00 221.00 209.19 114 1 Chuck, shoulder clod 18 87,663 193.00 211.00 204.34 114A 3 Chuck, shoulder clod, trmd 37 107,178 197.50 232.00 216.36 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 3 1,145 240.00 285.50 244.20 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 49 274,936 226.59 250.01 230.31 116B 1 Chuck, chuck tender (IM) 17 20,306 209.00 232.00 217.85

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 18 59,100 203.00 221.75 209.31 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 9 24,558 299.10 371.00 309.20 130 4 Chuck, short rib 17 60,032 246.00 271.00 252.30 160 1 Round, bone-in 161 1 Round, boneless 7 6,086 211.00 217.00 214.49

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 31 96,171 211.90 224.78 217.04 168 1 Round, top inside round 32 156,396 190.50 215.89 209.50 168 3 Round, top inside round 24 99,208 210.00 226.00 217.82 169 5 Round, top inside, denuded 11 16,417 248.00 257.50 251.45

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 8 5,665 190.00 205.00 199.77 171B 3 Round, outside round 35 197,148 208.65 232.80 213.30 171C 3 Round, eye of round (IM) 28 101,609 223.50 245.00 230.91 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 15 15,579 400.00 429.00 403.38 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 180 3 Loin, strip, bnls, 0x1 23 224,989 340.00 392.00 355.93 184 1 Loin, top butt, bnls, heavy 22 85,528 229.00 265.00 247.71 184 3 Loin, top butt, boneless 29 130,590 246.00 280.50 251.83 185A 4 Loin, bottom sirloin, flap 14 53,793 342.00 370.00 346.88 185B 1 Loin, ball-tip, bnls, heavy 28 175,996 215.00 249.50 227.99 185C 1 Loin, sirloin, tri-tip (IM) 10 31,688 235.00 270.00 254.68 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 21 67,084 792.40 881.00 811.67 191A 4 Loin, butt tender, trimmed 3 1,041 875.00 884.00 879.33 193 4 Flank, flank steak (IM) 17 44,210 310.18 362.00 326.77 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 7 29,925 94.00 130.00 95.77 121D 4 Plate, Inside Skirt (IM) 24 44,477 304.78 329.00 316.95 121C 4 Plate, Outside Skirt (IM) 21 36,297 439.08 486.00 463.28 121E 6 Outside Skirt, pld (IM) 7 10,640 618.00 680.00 639.58

Cap, Wedge Meat & (IM) Lean 78 605,726 242.70 280.00 246.06

Pectoral Meat 36 48,836 245.00 290.00 262.49 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 66 436,246 139.38 169.00 150.98 Ground Beef 75% Ground Beef 81% 61 240,067 176.00 216.00 185.78 Ground Beef 85% Ground Beef 90% Ground Beef 93% 22 43,924 220.00 270.00 256.76 Ground Beef Chuck 80% 27 170,981 187.00 205.70 192.94 Ground Beef Round 85% 17 41,978 194.00 219.00 211.02 Ground Beef Sirloin 90% ------------------------------------------------------------------------------- BLENDED GB - STEER/HEIFER/COW SOURCE- 10 Pound Chub Basis - Coarse & Fine Grind ------------------------------------------------------------------------------- Blended Ground Beef 73% Blended Ground Beef 75% Blended Ground Beef 81% 9 72,080 190.30 203.30 198.59 Blended Ground Beef 85% Blended Ground Beef 90% Blended Ground Beef 93% Blended Ground Beef Chuck 80% Blended Ground Beef Round 85% Blended Ground Beef Sirloin 90% 0 0 -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 0 0 Frozen 50% lean trimmings 0 0 -------------------------------------------------------------------------------- FAT LIMITATIONS (FL) DESCRIPTION Maximum Average Fat Thickness Maximum Fat at any point 1. 3/4" (19mm) 1.0" 2. 1/4" (6mm) 1/2" 3. 1/8" (3mm) 1/4" 4. Practically free (75% surface lean exposed) 1/8" 5. Peeled/Denuded 1/8" 6. Peeled/Denuded, surface membrane removed 1/8" -------------------------------------------------------------------------------- Items that have no entries indicate there were trades but not reportable because they did not meet the daily 3/70/20 guideline. Please refer to weekly LM_XB459 as the item may qualify. --------------------------------------------------------------------------------

A cutout value is an average of the prices tallied for cuts of beef from cattle carcasses weighing 550-850 pounds. Cutout values are separated into three main product types. Fabricated loads are beef cuts taken from an animal's ribs, chuck, round, loin, brisket, short plate and flank; 50 percent loads are 50 percent lean beef trimmings. Ground loads may contain 73, 75, or 80 percent ground beef. A typical refrigerated truckload carries 40,000 pounds.

Choice 1-3 grade is a better grade than Select 1-3, partly because Choice cuts have more fat, or marbling, than Select cuts.

Grade quality is determined using a 1-5 yield grade scale. A rating of 1 is the highest ratio of muscle to fat, while 5 is the lowest. Marbling is an important flavor factor.

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